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BRIEF-BCB Bancorp says to acquire IA Bancorp
June 7, 2017 / 8:18 PM / 6 months ago

BRIEF-BCB Bancorp says to acquire IA Bancorp

June 7 (Reuters) - BCB Bancorp Inc

* BCB Bancorp Inc to acquire IA Bancorp Inc

* BCB Bancorp Inc - ‍total transaction value is approximately $20 million​

* BCB Bancorp Inc - on a pro forma basis, transaction is expected to be accretive to company’s 2018 earnings by approximately 10% per share

* BCB Bancorp Inc - merger will add approximately $235 million to company’s asset base, based on iab’s assets as of march 31, 2017

* BCB Bancorp - ‍transaction value includes assumption by bcb of about $7.5 million of IAB preferred stock, outstanding shares of IAB common stock of about 4.18 million​

* BCB Bancorp - IAB shareholders to be entitled to elect to get either 0.189 shares of bcb common stock or $3.05 in cash for each share of IAB stock

* BCB Bancorp - upon consummation of merger, indus-american bank will merge with BCB Community Bank and will operate as a division of BCB Community Bank

* BCB Bancorp Inc - following closing of merger, bcb will form an advisory board which will consist of current members of iab board, among others

* BCB Bancorp Inc - ‍company will acquire IAB and its wholly owned subsidiary, indus-american bank​

* BCB Bancorp Inc - ‍on a pro forma basis, tangible book value per share dilution of approximately 1.3% from transaction is expected for 2018 Source text for Eikon: Further company coverage:

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